Tesla CEO Musk accused of defrauding shareholders, sued by investors

Elon Musk and his electric vehicle firm Tesla are being sued by investors who accuse them of concocting a scheme to "completely decimate" short-sellers.

Tesla did not respond to a request for comment on the proposed class-action complaints filed in the federal court in San Francisco. "Funding Secured", he wrote. Well, Tesla is now a publicly traded company and Mr. Musk doesn't like this because being public, as he puts it, "subjects us to the quarterly earnings cycle that puts enormous pressure on Tesla to make decisions that may be right for a given quarter, but not necessarily right for the long-term".

Musk announced on Twitter earlier this week that he was considering taking the electric carmaker private at a share price of $420 (£328.86) and total market value of $72bn, adding that he had already secured the necessary funding.

Late Friday Musk mocked short investors in a series of tweets, suggesting his antipathy toward them hasn't dimmed.

No evidence has been presented by either side to prove or disprove that funding had been secured to take the company private.

The stock has since retreated, in part following reports that the U.S. Securities and Exchange Commission had begun inquiring about Musk's activity.

"It is clear that Defendant Musk Tweeted materially false and misleading information regarding the Going Private Transaction to exact personal revenge and "squeeze-out" the short-sellers who had purportedly been badgering him for months", the complaint filed by Isaacs states.

As a result, Tesla shares jumped 11 percent, causing so-called short-sellers who have been betting on the stock crashing for years to lose millions.

Mr Isaacs said he had bought 3,000 Tesla shares on 8 August to cover his short position.

Isaacs claims that Tesla's volatility on Wall Street after the Twitter storm has cost shareholders shorting the stock hundreds of millions of dollars, and caused all Tesla securities purchasers to pay inflated prices over the three-day period leading up to Friday 10 August.

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